How to deal with estate agents?

Hasbeen

Mamarti said:

Thank you to Competsoph for starting this thread.  I also have a question about dealing with EA's.

I'm interested in a BTL property which has sitting tenants.  I've been informed by the EA that I can't see the property.  Understandable in the current climate so I stated that even though I make an offer (which is subsequently accepted), any completion would be subject to me eventually being able to see the property and having the necessary surveys done.  His response was that a survey would be 'difficult' due to the tenants and that 'completion cannot be subject to anything' which is absurd.  I've been searching online but I can't find any information on surveys not being possible with tenanted properties.  Does anyone have any insight into this area?

I'm told that the owners are open to offers now but the property will go to auction later this month.

It seems that the EA is being deliberately difficult and I'm not sure why.

Threads are started by individual Op's. They are not intended to be to be HI JACKED by others? it is not deemed etiquette as posts get conflicting replies. Please start your own where you will get personal advice  

Unicorn_cottage

Personally I would offer more as they could just go with a higher offer say tomorrow & you would never get to view it. All this talk of a buyers market is a load of beep. Also what you think it is worth doesn't come into it. It is always what someone will pay. I got into sealed bids on my first property & had to offer over £18k over the asking price. Ask the EA how they are doing viewings in light of social distancing. Say I assume you are assigning time slots & if they are ask if you can have the first 1.

Mamarti

Hasbeen said:

Mamarti said:

Thank you to Competsoph for starting this thread.  I also have a question about dealing with EA's.

I'm interested in a BTL property which has sitting tenants.  I've been informed by the EA that I can't see the property.  Understandable in the current climate so I stated that even though I make an offer (which is subsequently accepted), any completion would be subject to me eventually being able to see the property and having the necessary surveys done.  His response was that a survey would be 'difficult' due to the tenants and that 'completion cannot be subject to anything' which is absurd.  I've been searching online but I can't find any information on surveys not being possible with tenanted properties.  Does anyone have any insight into this area?

I'm told that the owners are open to offers now but the property will go to auction later this month.

It seems that the EA is being deliberately difficult and I'm not sure why.

Threads are started by individual Op's. They are not intended to be to be HI JACKED by others? it is not deemed etiquette as posts get conflicting replies. Please start your own where you will get personal advice  

I'm new to this. Clearly I thought that I was posting a new question within this topic 'How to deal with Estate Agents', not hijacking an existing thread!

abanksee

Unicorn_cottage said:

Personally I would offer more as they could just go with a higher offer say tomorrow & you would never get to view it. All this talk of a buyers market is a load of beep. Also what you think it is worth doesn't come into it. It is always what someone will pay. I got into sealed bids on my first property & had to offer over £18k over the asking price. Ask the EA how they are doing viewings in light of social distancing. Say I assume you are assigning time slots & if they are ask if you can have the first 1.

Terrible advice on a money saving forum. Of course what he thinks it's worth comes into it, that's what they should be making their bid based on. Decide what its worth to you and place the bid.

Unicorn_cottage

abanksee said:

Unicorn_cottage said:

Personally I would offer more as they could just go with a higher offer say tomorrow & you would never get to view it. All this talk of a buyers market is a load of beep. Also what you think it is worth doesn't come into it. It is always what someone will pay. I got into sealed bids on my first property & had to offer over £18k over the asking price. Ask the EA how they are doing viewings in light of social distancing. Say I assume you are assigning time slots & if they are ask if you can have the first 1.

Terrible advice on a money saving forum. Of course what he thinks it's worth comes into it, that's what they should be making their bid based on. Decide what its worth to you and place the bid.

@abanksee Hardly! Markets differ from location to location and owning a house hardly falls into the strictest sense of money saving. The asking price of the property is £150k so the OP is very unlikely to get it for £140k. What matters is the maximum the OP can afford/stretch to and how much they want it. The OP has indicated that they are very keen therefore has to understand the market they are in. I didn't want to offer £18k over the asking price but after house hunting for several months and losing out on other properties I had to put my big girls pants on and go for it.

Competsoph

abanksee said:

Unicorn_cottage said:

Personally I would offer more as they could just go with a higher offer say tomorrow & you would never get to view it. All this talk of a buyers market is a load of beep. Also what you think it is worth doesn't come into it. It is always what someone will pay. I got into sealed bids on my first property & had to offer over £18k over the asking price. Ask the EA how they are doing viewings in light of social distancing. Say I assume you are assigning time slots & if they are ask if you can have the first 1.

Terrible advice on a money saving forum. Of course what he thinks it's worth comes into it, that's what they should be making their bid based on. Decide what its worth to you and place the bid.

Its tricky to not get pulled in by the fear of others buying/out bidding you. That's the tricky bit!! 

Unicorn_cottage

@Competsoph Where is the property?

abanksee

Competsoph said:

abanksee said:

Unicorn_cottage said:

Personally I would offer more as they could just go with a higher offer say tomorrow & you would never get to view it. All this talk of a buyers market is a load of beep. Also what you think it is worth doesn't come into it. It is always what someone will pay. I got into sealed bids on my first property & had to offer over £18k over the asking price. Ask the EA how they are doing viewings in light of social distancing. Say I assume you are assigning time slots & if they are ask if you can have the first 1.

Terrible advice on a money saving forum. Of course what he thinks it's worth comes into it, that's what they should be making their bid based on. Decide what its worth to you and place the bid.

Its tricky to not get pulled in by the fear of others buying/out bidding you. That's the tricky bit!! 

I've fell for it myself in the past. Need to remain objective although it is hard.

Unicorn_cottage

abanksee said:

Competsoph said:

abanksee said:

Unicorn_cottage said:

Personally I would offer more as they could just go with a higher offer say tomorrow & you would never get to view it. All this talk of a buyers market is a load of beep. Also what you think it is worth doesn't come into it. It is always what someone will pay. I got into sealed bids on my first property & had to offer over £18k over the asking price. Ask the EA how they are doing viewings in light of social distancing. Say I assume you are assigning time slots & if they are ask if you can have the first 1.

Terrible advice on a money saving forum. Of course what he thinks it's worth comes into it, that's what they should be making their bid based on. Decide what its worth to you and place the bid.

Its tricky to not get pulled in by the fear of others buying/out bidding you. That's the tricky bit!! 

I've fell for it myself in the past. Need to remain objective although it is hard.

I didn't fall for it. I had to have a hard look at my situation and realised I would not be buying a property any time soon if I was so cautious or I would of ended up with an absolute dump. I bought in Bristol btw which is an extremely competitive market.

Competsoph

Unicorn_cottage said:

@Competsoph Where is the property?

South Yorkshire. Hardly the epitome of marketing success. 

I do appreciate your comment and I wasn't neccassarily expecting to get it for 140k but wanted to put myself in the running. I agree that the house will go for the price someone is willing to pay for but in the same breath I feel you need to be careful to not getting roped in by EAs. I don't know exactly how many others are interested or what they have offered so have to go in based on my opinion of what it is worth to me. That also said I don't want to get my hand bitten by getting carried away bidding crazy money that will leave me uncomfortable for the sake of getting it above someone else. There will always be more houses, though I do have to admit I particularly like this one!

😊